Yei Finance Pushes Sei Community TVL Above $60 Million - The Defiant

The Sei-based cash market is incentivizing lenders with SEI, USDT and USDC rewards that kicked off on June 24.

Yei Finance, a DeFi cash market on the Sei community, has greater than doubled its complete worth locked (TVL) since launching a rewards program on June 24.

Whole deposits have crossed $160 million, with $127 million in excellent loans. The incentives make it worthwhile to loop deposits – repeatedly provide and deposit the identical asset – and seize the unfold between lending and borrowing charges.

Energetic Markets on Yei Finance

Yei Finance is a fork of Aave V3, the most important lending protocol with over $10 billion in TVL, and dominates the DeFi sector on Sei with roughly half of its $67 million TVL. That doesn’t embrace borrowings, because it’s doubtless that almost all of recent customers are looping deposits to maximise rewards, resulting in inflated figures.

USDT is the most well-liked asset on the platform, representing the vast majority of current progress, in keeping with a Flipside dashboard.

Yei TVL By Asset chart — Yei TVL By Asset

Sei launched its Ethereum-compatible V2 iteration on Could 27. Touted as the primary parallelized EVM, the community is in its mainnet alpha section and at present processes round 20,000 transactions per day.

Sei V2 Daily Activity chart — Sei V2 Every day Exercise

DragonSwap, a decentralized trade primarily based on Uniswap V2, is the second-largest app on the community with $14 million in TVL. NFT market OpenSea added assist for Sei on Could 29.